What’s the Difference Between a Will and a Trust?
Wills and trusts are two very different kinds of documents used in estate planning. Everyone needs a will, but not everyone needs a trust. Knowing the difference will help you to understand what you need. What is a Will? A will is the cornerstone of an estate plan. It’s the legal document by which…Read More
Is Your Retirement Plan Prepared with Taxes in Mind?
Don’t assume that when you retire your tax liability automatically shrinks. You should start planning tax-efficient strategies now to ease your future tax burden in retirement. Taxes are one of the most overlooked challenges of retirement finances. We typically think about outliving our assets, the high cost of health insurance and nursing home care or…Read More
Retirement Finances for Those Who Have No Intention of Retiring
If you love your work and don’t want to give it up, your retirement plan is different than the person who is counting the days until they can stop going to work. The number of people who chose to keep working is expected to rise, as reported in a recent article from MarketWatch, “How to…Read More
Would You Be Prepared to Become “Suddenly Single”?
We all know that someday we and our spouses will die, but knowing that and being prepared for what comes when one becomes suddenly single, either because of an unexpected death or divorce, is daunting, particularly for women. Among the top five financial challenges facing women is the death of a spouse or divorce, says…Read More
How Beneficiary Designations Can Doom Your Estate Plan
Dotting the i’s and crossing the t’s makes all the difference when it comes to estate plans. If beneficiary designations are not up-to-date, unintended individuals like ex-wives can end up with surprise gifts! Until all of the detail work has been done, your estate plan is not really complete. That includes funding accounts, retitling assets…Read More
Here’s What You Need to Know about Roth IRAs
Self-proclaimed experts can make your head spin with their bragging about how great their investments and retirement accounts are. There’s one in every crowd! You may encounter them at work or at family gatherings. These are people who insist on telling you how smart they are about avoiding taxes through retirement accounts. But before you…Read More
Retirement Planning Doesn’t Stop with Retirement
Being retired requires you to become the Chief Financial Officer of your own life. You need to manage your income, including Social Security, distributions from retirement accounts and any other sources and oversee investments. Most people think of retirement as the time that they don’t have to make a lot of decisions or work very…Read More
Deciding Factors for Different Types of IRAs
The different kinds of IRAs are complex but not impossible to understand. The biggest difference is all about the taxes. There are pros and cons for both traditional IRAs and Roth IRAs. It is possible that you might end up using both of them in your retirement planning. The important factors that you need to…Read More
Making a Retirement Dream Come True Requires Real-World Planning
If your idea of retirement means not working and enjoying a life of leisure, you’d better start crunching numbers and planning for the unexpected. People like to daydream about their retirement. They imagine themselves traveling, playing with grandchildren, sleeping late and playing. But according to a recent article in Kiplinger, “5 Common Roadblocks That Can…Read More
Think of Your Will as a Tribute and an Act of Caring
Think of your will as a love letter that will tell how you want to care for your family and friends when you are gone. It is not just a way to direct how you want your assets to be distributed. Estate planning can make people uncomfortable, since it forces us to contemplate our own…Read More